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Toronto and Montreal, May 13, 2021 (Global News)-Nexus Real Estate Investment Trust (hereinafter referred to as “REIT”) (Toronto Stock Exchange:NXR) Announced today that it has waived its conditions to acquire an industrial property worth US$44.8 million that it previously announced has signed a conditional contract for the acquisition.
The Real Estate Investment Trust has completed its due diligence and exempted the conditions for acquiring three single-tenant industrial properties under three separate sale and purchase agreements. These properties are located in Red Deer, Alberta, and Windsor, Ontario, in St. Thomas, Ontario, Canada. The total leasable area is approximately 155,000 square feet, 130,000 square feet and 120,000 square feet, respectively, and are capitalized on a weighted average. The price was acquired. The rate is 6.7%. These acquisitions are expected to be financed with cash on hand and proceeds from new mortgage financing, and are expected to be completed in mid-June.
About Nexus REIT
Nexus is a growth-oriented real estate investment trust fund dedicated to increasing the value of unitholders through the acquisition, ownership and management of industrial, office and retail properties located in the primary and secondary markets in North America. The Real Estate Investment Trust currently has a portfolio of 82 properties, including a total lettable area of approximately 5.7 million square feet. Approximately 33,582,000 units of real estate investment trust funds have been issued and not yet issued. In addition, there are issued and outstanding Nexus-affiliated limited partnership B-type limited partnership units, which can be converted into approximately 14,701,000 units.
Forward-looking statement
Certain statements contained in this press release constitute forward-looking statements that reflect REIT’s current expectations and forecasts of future results. Usually, but not always, forward-looking statements can be identified by using words such as “plan”, “expect” or “unexpected”, “expect”, “estimate”, “intend”, “anticipate” and the like. Or “unexpected”, “believe” or a change in such words, or a statement that certain actions, events or results taken “may”, “may”, “will”, “may” or “will” take place, occur Or realize. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of REIT to be materially different from any future results, performance or achievements expressed or implied in the forward-looking statements. Actual results and developments may differ from the results expressed or implied by the forward-looking statements contained in this press release, and may differ materially. Such forward-looking statements are based on many assumptions that may prove to be incorrect.
Although the REIT anticipates that subsequent events and developments may cause its views to change, the REIT expressly disclaims any obligation to update these forward-looking statements, unless applicable laws provide otherwise. At any date after the date of this press release, these forward-looking statements should not be relied on to represent the views of real estate investment trusts. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ materially from those expected in such statements. Therefore, readers should not rely excessively on forward-looking statements. The factors identified above are not intended to represent a complete list of factors that may affect real estate investment trusts.
For more information, please contact:
(416) Kelly C. Hanczyk, CEO of 906-2379 or
Chief Financial Officer Rob Chiasson (416) 613-1262.
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